XML 28 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Rental income $ 33,608,799 $ 31,816,175 $ 31,956,150
Laundry and sundry income 426,803 439,782 406,005
Total Revenues 34,035,602 32,255,957 32,362,155
Expenses      
Administrative 1,707,408 1,772,599 1,757,143
Depreciation and amortization 5,910,746 5,531,509 5,754,785
Management fees 1,404,467 1,330,157 1,304,687
Operating 4,080,647 3,784,401 3,922,974
Renting 365,110 528,686 523,477
Repairs and maintenance 5,056,054 4,886,724 4,697,769
Taxes and insurance 4,146,554 4,082,588 3,594,388
Total Expenses 22,670,986 21,916,664 21,555,223
Income Before Other Income (Loss) and Discontinued Operations 11,364,616 10,339,293 10,806,932
Other Income (Loss)      
Interest expense (7,965,422) (8,053,628) (7,810,983)
Interest income 3,861 5,932 44,739
Casualty income (loss)     15,696
(Loss) from investments in unconsolidated joint ventures (1,913,800) (3,869,996) (1,687,258)
Other   (700) 4,493
Total Other Income (Loss) (9,875,361) (11,918,392) (9,433,313)
Income (loss) From Continuing Operations 1,489,255 (1,579,099) 1,373,619
Discontinued Operations      
Income (loss) from discontinued operations 81,567 219,867 238,919
Gain on sale of real estate from discontinued operations 7,720,459    
Total Discontinued Operations 7,802,026 219,867 238,919
Net income (loss) $ 9,291,281 $ (1,359,232) $ 1,612,538
Income per Unit      
Income (loss) before discontinued operations (in dollars per unit) $ 11.33 $ (11.99) $ 10.33
Income from discontinued operations (in dollars per unit) $ 59.34 $ 1.67 $ 1.80
Net income (loss) per Unit (in dollars per unit) $ 70.67 $ (10.32) $ 12.13
Weighted Average Number of Units Outstanding (in units) 131,484 131,696 132,966